It works also on the downside

Discussion in 'Technical Analysis' started by hwaxen, Jul 1, 2003.

  1. hwaxen


    Several weeks ago I posted some support levels for the S&P 500 based on its range of a low 776.76 and a high of 1011.66. Now it is time to reverse the process and post resistance points from the high at 1011.66 to the close on 6/30/03 974.50.

    We take the range and take one third of the range and add it to the low and get 986.89, adding one half of the range to the low we get 993.08, and adding two thirds of the range to the low we get 999.27.

    These points are dynamic. If new lows are made the points will change.